October 14, 2012

Don't expect tax details from Romney till after the election

Don't expect any more specifics on how a Romney administration would cut taxes while not blowing up the federal deficit.

Republican vice presidential nominee Paul Ryan said during his Thursday debate that the Republicans would "work with Congress'' on a plan, and Sunday, senior adviser Ed Gillespie reiterated that point.

"In a campaign environment, to start negotiating in a campaign environment, you're going to lock in Republicans, you're going to lock in Democrats," he told "Fox News Sunday."

Host Chris Wallace interrupted noted the Romney campaign locked in on cutting rates 20 percent across the board. Congress' bipartisan Joint Committee on Taxation said Friday that even if virtually all deductions were eliminated, the rates could only be reduced 4 percent if the package was to be revenue neutral.

Gillespie called the 20 percent rate a "principle," adding, if Romney wins, people will understand "the election was about this."

"And then work out the details in the same way, by the way, Ronald Reagan did with Tip O'Neill, with working across the aisle."

During Reagan's 1981-89 presidency, O'Neill, a Democrat, was House Speaker during the first six years. They did work together to craft several major pieces of legislation.